Invitalia recently submitted a request to the Ministry of Enterprises and Made in Italy to initiate the extraordinary administration of Acciaierie d’Italia. This decision was made after the private partner showed unwillingness to ensure business continuity or dissolve the joint venture. Following the failed negotiations with Arcelor Mittal, the arrival of a commissioner is now certain. There are still some technical checks to be done before the government officially announces this decision to the unions of former Ilva workers and representatives of related industries, who have been summoned to Palazzo Chigi.
Acciaierie d’Italia has responded by filing a concordato con riserva application, along with a request for protective measures. This decision allows for 60-120 days to submit the actual application for a concordato preventivo. This option serves as an alternative to the extraordinary administration requested by Invitalia. The company’s statement explained that they had exhausted all possibilities of reaching an agreement with the private partner in recent months, and had no choice but to seek government intervention due to the partner’s lack of commitment to business continuity or a balanced dissolution of the joint venture in compliance with regulations.
Minister Adolfo Urso made it clear that the foreign investor leading the company (Arcelor Mittal) was not willing to invest any further. He emphasized the importance of the country regaining control over the company, considering the lack of investment from the majority shareholder. To avoid extraordinary administration, it would have been necessary for the franco-Indian group to sell its shares to another buyer who could dissolve the joint venture. Rumors suggest that there may have been interest from external investors, such as Ukrainian magnate Rinat Akhmetov, who previously owned Azovstal in Mariupol.
Any potential acquisition of Acciaierie d’Italia would have required a detailed due diligence process, involving a thorough examination of various aspects including data, productivity, employees, contracts, inventory, and liabilities. The decision to seek extraordinary administration was a result of the failed negotiations with Arcelor Mittal, which ultimately led to the realization that the private partner was not willing to invest further in the company. Despite efforts to find alternative solutions, it became clear that government intervention was necessary to ensure the company’s survival and address the ongoing crisis.
The upcoming announcement of the appointment of a commissioner for Acciaierie d’Italia will mark a significant turning point in the company’s future. The decision to request extraordinary administration reflects the need to take decisive action to stabilize the company and protect the interests of its stakeholders. By pursuing this course of action, Invitalia aims to address the challenges facing the company and work towards a sustainable solution that ensures its continued operation within the framework of Italian and European regulations.
